Nigeria’s number one Ponzi scheme, MMM, today announced resumption of operation and Nigerians have a lot to say about the acclaimed money making machine scheme, which people are love to hate.
“This is to officially inform you that MMM Nigeria is open for business a day earlier than promised,” MMM Nigeria said with a tweet, with a screen grab of the announcement on its website.
https://twitter.com/MMMNigeriaHelp/status/819847886582280192
“MMM is officially back 24hours before their deadline… Now let the people start smiling to the bank #CreditAlert #NoRecession #MMMisBack,” one ardent follower of the scheme tweeted.
MMM is officially back 24hours before their deadline… Now let the people start smiling to the bank #CreditAlert #NoRecession #MMMisBack https://t.co/MvpP0Sw1n9
— iambamigbe (@bammyspecial) January 13, 2017
One MMM investor attributed the return of the Ponzi scheme to the heavy downpour that happened in Lagos immediately after the news of the return broke.
And rain fell today in Lagos, just to welcome MMM back @MMMNigeriaHelp 😃
— Harris (@OfforHarris) January 13, 2017
MMM is back for good, together we can change the world. @MMMNigeriaHelp @nigeria_mmm
— (SEABOY)🔴🔴🔴 (@ibrahinsalifu1) January 13, 2017
https://twitter.com/EBUBOSS/status/819854970161917953
@MMMNigeriaHelp True test of integrity on full display. Thank you for coming earlier than promised💃💃💃
— Uche Okafor (Justice for all) (@ostelly) January 13, 2017
MMM, however, noted that “GH (Get Help) orders of participants with smaller amounts will be dispatched and matched first,” stressing the social nature of the scheme.
https://twitter.com/MMMNigeriaHelp/status/819854668872486912
@SegunOla_ tweeted he has received help already.
https://twitter.com/SegunOla_/status/819880530414096384
MMM is back for second leg good for the one's that invest their spare money, to the other folks relax and take heart ur money is in process.
— Akanji Micheal (@mickiebrownkie) January 13, 2017
However, some members of the public are still skeptical of the scheme.
Who would you rather listen to – Sergey Mavrodi or @SECNigeria? #mmmnigeria #MMMUpdate #mmm
— icomparemoney (@icomparemoney1) January 13, 2017
Nigerian government has warned against the scheme through the Securities and Exchange Commission (SEC), stressing that the scheme is a fraud.
The Securities and Exchange Commission (SEC) has also warned the general public against investing in crypto currencies, such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies, as MMM announced it will utilize Bitcoin in making payments.
SEC sounded the note of warning on Thursday, January 12. The warning recall that the Mavrodi Mondial Movement, otherwise known as MMM had last week introduced Bitcoin, said to be the world’s best performing currency in 2016, as part of its mode of payment in its comeback plans.
However, the SEC has advised the public to exercise extreme caution with regard to digital (crypto) currencies as a vehicle of investments.
The commission stressed that none of the persons, companies or entities promoting crypto currencies had been recognized or authorized by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.
“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes,” the regulator noted.